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NZDJPY recently broke the resistance trendline of the well-formed daily down channel (which enclosed the previous medium-term ABC correction (2) from the middle of July). The breakout of this down channel should accelerate the active impulse wave (3). Given the clear bullish New Zealand dollar sentiment seen across the currency markets today – NZDJPY is likely to rise further toward the next resistance level 70.700 (top of the previous correction B from last month).
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